Today
we are going to be playing who wants to be an Internet millionaire,
except we are not playing for cash. We are playing to see if
you have the knowledge you need to be a successful entrepreneur
on the web.

Here
are your five questions...Let's see how good you do.

Question
#1: Which of the following characteristics is a requirement for
success online?

a.
High IQ
b. College Degree
c. Persistence
d. Money

Question
#2: Which of the following products would be considered a niche
market product suitable for a small business entrepreneur?

Question
#3: Which of the below programs is the most popular download
of the week?

a.
Napster
b. ICQ
c. Internet Explorer
d. RealNetworks Real Player

Question
#4: Which one of these problems is the most common reason people
don't order online?

a.
Web Sites were too confusing
b. Pages took too long to load.
c. The prices were too high.
d. They couldn't find what they wanted.

Question
#5: How many sales does the "average" Internet company
have to make to a customer before they break even on that customer?

a.
One
b. Two
c. Three
d. Four

Some
of those questions were pretty difficult. Weren't they?

Let's
see how you did...

"C"
is the answer to question one.

Persistence
is the most important key to succeeding on the web. Despite what
you might hear, there aren't any real "gurus" online.
The web just isn't that old. Everyone is still learning.

The
number one key to succeeding online is testing everything you
can possibly imagine. This takes persistence.

High
IQ's and college degrees may help in the process (if you have
the right information), but they are not the key to success.
Money may help as well, but for many large companies this just
means wasting tons of money on two million dollar Superbowl ads.
Then being nowhere to be seen 6 months later.

Persistence
is the key.

"D"
is the answer to question two.

An
eBook covering fly fishing in Arkansas would be considered a
niche market product suitable for a small entrepreneur.

What's
the problem with the other products?

The
problem with the big screen TV and the toothbrush is that they
are available from anywhere. Your prospect would be much more
likely to run down to the local Wal-mart and electronics stores
than to purchase from you. They don't know who you are.

For
the Cooking eBook, it is too broad of a subject. No one wants
just a cooking eBook when there are so many nice beautiful books
at the local store. This may be a potential project though if
you can come up with a more specific topic such as cooking in
France or cooking with red wine from the French.

The
key to being noticed as a small business is to come out with
something a little more unique and highly specific.

If
You Chose "B" for number three, you are correct.

ICQ
is the most downloaded program this week as reported by http://www.download.com

All
three of the other programs are top downloads, but ICQ is downloaded
10 times more than the closest competitor. It has been the most
popular download for years.

ICQ
is a program that allows you to chat and instant message your
online contacts. One of the most popular activities of online
users is that of chat and message boards.

People
want to feel like they belong. They are looking for online communities
which they can belong to.

What
does this mean to your online business? It means that you need
to find a way to create a community at your site using discussion
boards, chat, and other types of interaction with your visitors.

Question
Four is a close race, but the answer is "B"

According
to a survey taken by Boston Consulting Group, the most likely
reason people didn't purchase from a site is because the pages
took too long to load.

The
full article and results of this survey are available at: http://www.roibot.com/w.cgi?R249_CNN

Forty-eight
percent of people asked cited slow loading pages as the culprit
in their shopping experience.

A
close second is that of the sites being too confusing which rang
in at forty-five percent.

Both
of these show that a major key to sales on the Internet is keeping
it simple and easy for your users. They are impatient and they
are quickly confused by any extra technology you decide to use.

You
need to create an easy to use, quick loading buying experience
for your visitor. For now, cut out any fancy technology and "cool"
stuff that may hinder those two items.

If
you chose "C" for number five, you are correct.

This
was a very difficult question. The correct answer as provided
by Yahoo news is that the average Internet retailer must make
three sales to a customer before they break even on the cost
of obtaining that customer.

This
Yahoo article can be seen at:http://www.roibot.com/w.cgi?R249_YAH

I
don't recommend you spend as much to obtain a new customer as
large online retailers do. You can't afford to. You don't have
their large advertising budgets to burn through.

You
can concentrate on your current customers. You have to "Wow"
them and keep them buying from you instead of your competitors.

Every
single market will be competitive in the future of the Internet.
The companies that are going to be the most successful are those
who learn how to retain their customers through better customer
service, frequent buyers programs, and finding them the best
deals possible.

You
must develop a loyal customer base and sell to it over and over
again.